Illinois is on the brink of being the first state in the US to establish a Bitcoin Reserve as part of its fiscal plans. The Strategic BTC Reserve Act was introduced by John Cabello and sent to the Rules Committee on January 29, 2025. If successful, this legislation would allow Illinois to integrate cryptocurrency into its financial strategies.
BREAKING:
🇺🇸 U.S. STATE ILLINOIS PROPOSES
BITCOIN RESERVE WITH 5-YEAR
HODL MANDATE UNDER HB1844.
BITCOIN FOMO IS REAL!!! pic.twitter.com/5x7YhFjH9u
— Ash Crypto (@Ashcryptoreal) January 30, 2025
Illinois’ HB1844 Bill Proposes A State-Run Bitcoin Reserve
Illinois’ HB1844 bill states that the State Treasurer may accept gifts, grants, and donations of Bitcoin from residents and governmental bodies for deposit into the Fund. Additionally, the Treasurer would have the authority to transfer, sell, appropriate, or convert Bitcoin in the Fund to other cryptocurrencies.
Texas is also pursuing a bill to create a Bitcoin reserve, permitting payment of taxes and fees in Bitcoin, which would be retained for at least five years.
“A strategic Bitcoin reserve, investing in Bitcoin, would be a win-win for the state,” commented Giovanni Capriglione.
Former President Donald Trump had anticipated the establishment of a Bitcoin Reserve to be part of his agenda immediately following his inauguration.
Senator Cynthia Lummis has been a strong proponent of a national Strategic Bitcoin Reserve.
Czechia, Switzerland Among Other Countries Considering BTC Reserve
Czechia is also making strides towards a Bitcoin reserve. Governor Aleš Michl proposed allocating a part of the country’s reserves to Bitcoin, suggesting a 5% investment from its $145 billion reserve.
In Switzerland, the Central Bank is under increasing pressure to include Bitcoin in its international reserves. If an initiative to create a Bitcoin reserve gains enough public support, it may be put to a vote in the near future.
European Parliament member Sarah Knafo has strongly endorsed the establishment of a national Bitcoin reserve, refuting the EU’s plans for a digital euro.
